TechFlow, August 21 — According to the Workers' Daily, the Beijing No. 2 Intermediate People's Court recently adjudicated a case involving the use of cryptocurrency transactions to conceal or disguise proceeds of crime. The defendant, who knowingly assisted in transferring illicit funds, was sentenced to three years and six months in prison.
In August 2024, Liu Mou sold USDT (commonly known as "U coins") to He Mou while fully aware that the cash held by He Mou originated from criminal activities, receiving 200,000 yuan in cash. The destination of the involved funds has since become untraceable. It was confirmed that the 200,000 yuan transferred by Liu Mou consisted of money defrauded from victims.
The court's effective ruling stated that Liu Mou, knowing the funds to be criminal proceeds, still assisted in their transfer, thereby constituting the crime of concealing or disguising the proceeds of crime. Liu Mou was therefore convicted and sentenced to three years and six months' imprisonment, fined 40,000 yuan, and ordered to forfeit all illegal gains.
